Arkansas Administrative Code
Agency 006 - Department of Finance and Administration
Division 05 - Division of Revenues
Regulation 1997-4 - Comprehensive Individual Income Tax Regulations
Rule 26-51-440 - FASITs
Rule 6.26-51-440 - Subchapter M - FASITs - Prohibited Transactions
Universal Citation: AR Admin Rules 6.26-51-440
Current through Register Vol. 49, No. 9, September, 2024
In order to ensure that FASITs are not used for purposes other than securitization, a 100% federal excise tax is imposed on any income not related to securitization (that is, income derived from prohibited transactions). Prohibited transactions are specifically set forth at IRC Sec. 860L(e)(1)&(2).
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